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PBS
Jan 14, 2013 12:00am PST
actually going to hurt the economy." >> but hasn't our economy changed so much since franklin roosevelt simply put people on the government payroll? >> it's, economics, the underlying rules change a lot more slowly than people imagine. people look and they say, "oh, you know, back then they were taking ocean liners and now we fly jet airplanes." or, "back then we didn't have a global economy." actually, we did. it's a little bit fancier now. but the basic rules are not are not much changed. it takes hundreds of years for those to change a whole lot. and this is, i can pretty easily assemble a bunch of headlines from the 1930s and they will sound like they're right out of today's headlines. this is the same kind of animal that we confronted in the '30s. this is depression economics. and the nature of the solution is not really very different now from what it was then. >> what do you mean, depression economics? >> well, two things really. one is, a recession is when the economy's going down. a depression is when the economy is down. so, you know, the u.s. economy was actually expanding th
CNBC
Jan 14, 2013 12:00pm EST
going to threaten to wreck the entire economy. that is not how historically this has been done. that's not how we're going to do it this time. chuck what i'm saying to you is that there is no simpler solution, no ready, credible solution other than congress either give me the authority to raise the debt ceiling, or exercise the responsibility that they have kept for themselves and raise the debt ceiling. because this is about paying your bills. everybody here understands this. i mean this is not a complicated concept. you don't go out to dinner and then eat all you want and leave without paying the check. and if you do, you're breaking the law. and congress should think about it the same way the american people. you don't -- if congress wants to have a debate about maybe we shouldn't go out to dinner next time, maybe we should go to a more modest restaurant, that's fine. that's a debate that we should have. but you don't say in order for me to control my appetites i'm going to not pay the people who already provided me services. people who already lent me the money. that's not
FOX News
Jan 14, 2013 8:00am PST
president, things we haven't thought of, foreign policy crises yet to come and an economy that has been sluggish. a couple of things to realize. first of all the economy has not been in that great a shape and the president was reelected nonetheless. while eventually i think voters might get fed up with his economic stewardship, they might not. secondly whether the president wants to hold up shiny objects for the press, we know the debt ceiling fight will come to a head. we know it will be a major clash. the president wants to maintain upper hand here. not so much what you or i might think is really going on. it is what voters think is going on. how they see things. he wants to maintain his image at a reasonable, rational guy versus a, band of republicans he wants to faint as extreme, out of touch and unreasonable. jon: weill look for him to, at that conversation at this news conference. david drucker. >> that's correct. that's what it is all birks we'll have to leave it there. thanks, david. >> anytime. heather: as we wait for the news conference scheduled to take place just about 11:30
FOX Business
Jan 14, 2013 3:00pm EST
technology in the u.s.? at t. rowe price, we understand the connections of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. ro price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. ♪ >> money is pouring into dell. just in the last hour or so dell shares up 13%. onward pc maker may go private. dell talking to private equity firms. we will get the lowdown from a top analyst coming up in just a few moments. hello, i'm cheryl casone at last hour of trading and the "countdown to the closing bell" begins right now. dell is front and center in the market but also about apple. major supply-chain issues taking place at apple. the stock down nearly 3% trading at $17 down right now, still up $500. apple cutting back on orders from component maker iphone five screens by 50% in the first quarter alone which is usually a risk that demand is not what it was, especially in the developed markets. the iphone five was su
CNN
Jan 14, 2013 9:00am PST
slashed, that we're going to threaten to wreck the entire economy. that is not how, historically, this has been done. that's not how we're going to do it this time. [ inaudible question ] chuck, what i'm saying to you is that there is no simpler solution, no ready, credible solution other than congress either give me the authority to raise the debt ceiling or exercise the responsibility that they have kept for themselves and raise the debt ceiling. because this is about paying your bills. everybody here understands this. i mean, this is not a complicated concept. you don't go out to dinner and then, you know, eat all you want, and then leave without paying the check. and if you do, you're breaking the law. and congress should think about it the same way the american people do. you don't -- now, if congress wants to have a debate about maybe we shouldn't go out to dinner next time, maybe we should go to a more modest restaurant, that's fine. that's the debate that we should have. but you don't say, in order for me to control my appetites, i'm going to not pay the people who already prov
MSNBC
Jan 14, 2013 9:00am PST
threaten to wreck the entire economy. that is not how historically this has been done. that's not how we're going to do it this time. what i'm saying to you is there is no simpler solution, no ready, credible solution other than congress either give me the authority to raise the debt ceiling or exercise the responsibility that they have kept for themselves and raise the debt ceiling because this is about paying your bills. everybody -- everybody here understands this. i mean, this is not a complicated concept. you don't go out to dinner and eat all you want and then leave without paying the check. if you do, you're breaking the law. congress should think about it the same way that the american people do. now, if congress wants to have a debate about maybe we shouldn't go out to dinner next time, maybe we should go to a more modest restaurant, that's fine. that's a debate that we should have. but you don't say in order for me to control my appetites, i'm going to not pay the people who already provided me services. it's not meeting your obligations. you can't do that. that's not a cred
CSPAN
Jan 14, 2013 12:00pm EST
without doing severe damage to the economy. we're not going to put ourselves in a position where, in order to pay for the spending we have already incurred, where the two options are we were way to either profoundly hurt the economy, hurt seniors, hurt kids trying to go to college or we will blow up the economy. we will not do that. not whatever congress does. they will have to send me something that is sensible. we should not be doing this in a one-three month time when. why should we do that? where the united states of america. we cannot manage our affairs in such a way that we pay our bills and provide certainty in terms of how we pay our bills? look. i do not think anyone would consider my position on reasonable. major, i am happy to have a conversation about how we reduce our deficits. i'm not going to have a monthly or every three months conversation about whether or not we pay our bills. that in and of itself does severe damage. even the threat of default hurts our economy. it hurts our economy as we speak. if we want to have a conversation about how to reduce our deficit, let
CSPAN
Jan 14, 2013 8:00am EST
entire economy. and the two we're really focused on are what we call the power platform, the energy grid needs to be redone, and the knowledge platform. we don't -- we need to do some work on the networks of what we call knowledge, which is to say broadband, but it's really about how do we apply it, how do we deliver bandwidth that can really change education, change health care, change all government services so we get faster, cheaper, better? the same kind of phenomenon that we see on our phones and our or networks we want to see if public goods and services like education and health care. >> host: well, as a former executive director of the national broadband plan, mr. levin, how important is speed when it comes to improving our economy, in your view? >> guest: well, it depends on a variety of different uses. for example, in medicine we're now moving to a place where we can have wire lessen sores really improve medicine, and that's great. but if we want to do degnomic medicine, we need a much faster network. bill clinton, the former president, was saying we can't really expect our bus
FOX Business
Jan 14, 2013 11:00am EST
anything at all to you about the global economy or is it just a sign that apple is maybe a little different than it was a few years ago? >> i think that's exactly right. i think it is a more mature growth company instead of a hyper growth company. they still have 120 billion dollars on the balance sheet and growing that by about 40 billion dollars plus a year. the down side should be somewhat muted below $500. connell: don't go crazy says jeff saut on the apple stock price today. you have calmed us all down. good to talk to you. thanks a lot. >> it is a pleasure. dagen: about half -- about 25 minutes away from president obama give or take. it could give or take half hour really, holding his first press conference of the new year. why now? joining us now is an editor at forbes. that's always the critical question, if you're a journalist, it is not who what when where why but why now? what say you? >> i think he's trying to basically beat the republicans to the punch to roll out a lot of platitudes about how both sides need to come together, that he's going to lead this -- them coming togethe
CNN
Jan 14, 2013 8:00am PST
, $1.5 trillion input into the economy, they help to maintain our social security system. we know that we're now a majority, children majority minority are being born inn now in the united states these kids will help beef up our social security system which we have got to strengthen right now. >> so you think looking at washington, that in this second term, the first year of the second term, the approximate it can deal with such important critical economic issues like raising the nation's set ceiling, but he can also deal with comprehensive immigration reform and also deal with the issue of gun safety out there, all three of these issues, do you think the president could juggle at the same time with congress? >> i know president barack obama, that's not the real question. the answer is yes, that's not the real question, the question is request the congress. remember the last congress was the least productive congress in 50, of years, maybe longer. and this congress has got to move in another direction, they have got to be able to chew gum and walk at the same time, yes, it doesn't
MSNBC
Jan 14, 2013 8:00am PST
who came out and said do what you have to do to protect the economy. i personally believe the presidents that responsibility to protect the economy. and he can't mess around with these republicans who are threatening not to pay the bills of the country. we're not talking about spending. we're talking about paying bills that -- money that has already been spent that we're obligated to pay. there would be a ripple effect globally that would be insurmountable if we don't go down the road of paying the bills. i think the president has to draw the line there and be strong. he's got the people with him. that's the other thing. i think it's important that we focus on that. >> certainly political capital spent from getting re-elected to a second term. gregory, i want to show everybody the letter that ed mentioned that was sent to president obama on friday. in part saying, we believe you must be willing to take any lawful steps to ensure that america does not blake its promises and trigger a global economic crisis. without congressional approval, if necessary. basically recommending th
CSPAN
Jan 14, 2013 12:00am EST
economy was "keeling" at a much slower pace than expected. -- "healing" at a much slower pace than expected. >> order. questions to the prime minister. >> may i wish you, mr speaker, the prime minister and the rest of the house a prosperous, positive and happy new year? >> this morning i had meetings with ministerial colleagues and others, and in addition to my duties in this house i shall have further such meetings later today. >> public servants are having a 1% pay rise, it is only fair for those on benefits to be given the same increase? >> my honorable friend is entirely right. these are difficult decisions that we have to make, but they should be made in the context of the fact that over the past five years, benefits have gone up by 20% yet average earnings are up by only 10%. i think it is fair and right to have a 1% cap on out-of-work benefits, a 1% cap on tax credits, and a 1% cap on public sector pay. what is inexplicable is the position of the party opposite which supports a 1% public sector pay cap but wants more for welfare claimants. that is not fair or right and it sh
CNBC
Jan 14, 2013 4:00pm EST
a great job as the vascular system for the global economy. they build large fluid systems for petrochemical companies, energy companies, as the economy comes in, as industrial production comes back, they're well positioned. so, we're pretty constructive on the asset class, particularly because a lot of people don't seem to be all that constructive on the asset class. >> steve sax, what about you? where are you seeing the flow? what are investors particularly grav stating towards these days? >> it's till equities and all of last year, credential the first couple weeks of this year, more in particular, though, small caps and midcaps. we've started to see them out-perform large caps. that was the story of 2012, with particularly the mega caps. so, if you look at the russell 2000, the mid cap 400 versus say the s&p 500, we've not only seen more flows in those areas, but we're actually seeing the out-performance, which is also a theme i think probably continues, certainly in the first half of this year. fundamentals are really strong in u.s. equities, and that translates well given
CNBC
Jan 14, 2013 6:00am EST
now is jeff clinetopp at lpl financial. on the economy, dick hoey. jeff, it's going to start with you because i'm interested to see we could have not just a lower than expected increase in earnings this year, but maybe even a negative year since aus thegs companies and profit margin is were peaking. is it possible the s&p earnings do not grow this year? >> there's a distinct possibility earnings don't grow. our expectation is they grow a very small amount, but a lot of that is coming from share buyback these year. this quicker alone is a testament to that. this fourth quarter, supposed to be the lowest earnings dollar total for any of the quarters of last year. that's not the way it's supposed to work. fourth quarters is supposed to be the highest earnings total. but we've got that uncertainty lingering for 2012. this week, we'll hear from a lot of the fms. they have the highest earnings expectations for 2013. mortgages are doing well. but the less favorable -- >> and we know how difficult it has been to grow revenues year over year. so that's difficult and you had the best you're
MSNBC
Jan 14, 2013 12:00pm PST
nation up against another debt ceiling. >> it would be a self inflicted wound on the economy, it would slow down our growth. might tip us in to recession. and ironically, would probably increase our deficit. so to even entertain the idea of this happening, of the united states of america not paying its bills, is irresponsible. it's absurd. we are not a deadbeat nation. >> thank goodness. but next, news flash, we already hit the ceiling two weeks ago. and the treasury's been using, quote, extraordinary measures to pay its bills. what does that even mean? the money shuffle can't last forever. the u.s. is out of money to pay its bills, it's already spent in less than four weeks. i have cousins that do that. they play to hold the debt ceiling hostage. aides say half the conference is ready to let the nation default. speaker boehner will school them on the real threat later this week. even a temporary extension for, say, two or three months could rattle the markets and threaten the nation's credit rating. last time they hashled out a debt deal? summer of 2011 and we ended up more than
SFGTV2
Jan 14, 2013 6:00am PST
fire protection, and the economy. without it, things simply can't exist. woman: we have good health in this country, in part, because we have clean water. and we shouldn't forget that, and we shouldn't take it for granted. melosi: in the late 19th century, serious waterborne disease epidemics were having devastating effects. roy: but then, in the early 1900s, we began to treat our water. and since then, we've seen a rapid decline in the incidence of waterborne disease. narrator: most cities treat drinking water through filtration, chlorination, and sometimes ozonation to kill pathogens in the source supply. these are complex treatment plants that cost millions of dollars to operate, but are necessary for our wellbeing. the treatment of drinking water has been called one of the greatest public health achievements of the last century. the water infrastructure itself protects the treated water until it comes out of our taps. it's been since 1911, since we had an outbreak of cholera or typhoid in the united states. but that doesn't mean that it can't happen. it can happen. if we aren't on
CNBC
Jan 14, 2013 1:00pm EST
exchange for not crashing the american economy. the financial well-being of the american people is not leverage to be used. the full faith and credit of the kru united states of america is not a bargaining chip and they better choose quickly because time is running short. >> john boehner put o out a statement right after the news conference trying to stay out of box the president put them in. he said, the house will doity job and pass responsible legislation that droenls spending, meets our nation's obligations and keeps the government running. the question will be, can he move his caucus in a place to where he is reach an agreement with the president that raises the debt limit without violating the president's pledge. he says he will only go for a balanced approach to deficit reduction, meaning tax revenue as well as spending cuts. we're in for a major fight coming up quickly, sue and tyler. looks like we can hit the debt ceiling as early as one month from now. >> john, this is not kinder gently rhetoric, not by a long shot. but who can forget the most recent discussions off the fisca
CNBC
Jan 14, 2013 4:00am EST
policy is sometimes not going to help the economy, you know, recover as subsequently as well. i think that's what we've been seeing across the region as far as policies are concerned in that they are more responsive and more, i suppose, willing to adapt should be a quick change or shift in consumer sentiment because that will have an impact on growth very quickly in a subsequent month. >> seng wun, australia has had a difficult time determining just where their sector is heading in mining. is it simply now the onus is becoming more clear? >> well, yeah. i think the last six or eight months have given policymakers some degree of confidence in that the picture from europe is stable. the risk is fairly high, there will be more problems ahead, but the determination says policymakers in europe to stay on top of this situation, give confidence to policymaker here and the u.s. is -- and, again, asia, china, it's anchoring growth here and policy is coming up on china is also towards some degree of small, stable growth rather than full speed ahead. so that gets everyone else a little bit more
KRON
Jan 14, 2013 7:00am PST
the middle- class. right now our economy is growing and our businesses are creating new jobs. we are poised for a good year. if we make smart decisions and sound investments. as long as washington politics and do not get in the way of america's progress. as i sat on the campaign, one component to growing our economy is shrinking our deficit and a balanced and responsible way. for nearly two years now, i have been fighting for such a plan. one that would reduce our deficit by four trillion dollars over the next decade which would stabilize our debt and our deficit and sustain us for the next decade. that would be enough not only to stop the growth of our debt and the size of our economy and make it manageable. education and job training in science and research and all of those things that help us grow. step-by-step, we have made progress towards that goal. over the past few years and signed into law 1.4 trillion dollars in spending cuts. two weeks ago i signed into law more than $600 billion in revenue by making sure the wealthiest americans began to pay their fair share. when you add
SFGTV
Jan 14, 2013 3:00pm PST
and get it done. the issue is, how do we move forward? what are the issues? the economy is getting better. so the issues will not be about cutting, but how to put resources back into the services we lost. don't put them back into services that were ineffective. making sure that whatever we do as we move forward that it will be a better place. issues i care about, really care about. education has always been very center to the things i have been involved with. i am a former teacher also. i work in the early childhood education field for 18 years running an organization. those are parts of my dna. other things that people are not aware of, i do care about health environment in san francisco. i want to make sure that we have enough health facilities to serve all san francisco, not just one part of the city. i want to make sure that our small businesses are supported. why? i come from a family where we had a small grocery store. i understand what it means to run a small business. maybe people think about 500 people is a small business. i'm talking about businesses that drive neighborho
CNBC
Jan 14, 2013 3:00pm EST
for the global economy. then the free money on the sidelines thanks to the federal reserve and bankers globally. what sectors lead? >> check off all those boxes that you mentioned. last week we had a flow of funds for the first time in three years. back into equities. it was the largest amount in eleven years. there's trillions of dollars on the sidelines, maria. that's the fuel for my secular bull market. and leadership is definitely financials, health care, consumer staples, consumer discretionary, industrials. i just love the marvegt. >> you know, ralph, it's pisani, treasuries have had negative returns so far this year. maybe if this continues through the quarter and all of those get negative returns on their mutual fund reports for the first time in ages, they be that would be the catalyst. >> rick santelli, the time i was in the sick bed we had a wild ride for the treasuries. back to a midpoint range now. what are the markets telling you these days? >> i think i agree with jim bianco. if you look at a 20-year chart of dell, we haven't spent time over 20 since '08. we haven't spen
NBC
Jan 14, 2013 12:30am PST
economy or will washington be a help? joining me now is geg i and author of "the economist" and jerry webman, chief economist at oppenheimer funds. thanks for joining us. >> hi. >> greg, let me kick this up with you. president obama's pick for treasury secretary, chief of staff, jack lew, will take over for timothy geithner. is this a missed opportunity to be friendly to business, the business community, or is this a new call since it appears that nobody on earth knows this better than mr. lew. >> well, i think jamie dimon would build business between the community which feels a little bit alienated by the administration's first-term policies and mr. obama. but what they got is a guy -- not one of them, but does know the budget really well and the clearly the main challenge on the economic front for the first year is going to be on the fiscal front. insofar as jack lew has the trust of the president is in power to make deals, i would say that is is a positive. you do have to keep in mind he's not exactly the most trusted or liked person among republican on capitol hill. so that
FOX
Jan 14, 2013 7:00am PST
for california's economy because the retirement population grows and there are fewer workers to replace them. in the meantime birth rates have gone up in texas, georgia and florida. >>> 7:35. the trial and a massive corruption case involving an entire southern california city starts this week. the mayor, vice mayor and four former council members from the city of bell are charged with misappropriation of city money. prosecutors claim the city leaders looted the city's treasury to pay themselves huge salaries. the biggest compensation package was for the city's chief administrative officer of $1.5 million. jury selection begins tomorrow. >>> some san francisco muni workers earned a lot of overtime in the last fiscal year. the "san francisco chronicle" reports one supervisor worked more than 2200 hours of overtime. that's the same as working a second full-time job. in 22 of the top 25 earners in the entire city worked for muni. muni's chief says most of the overtime is due to maintenance work being done when fewer vehicles are in service which is mostly nights and weekends. there'
CBS
Jan 14, 2013 7:00am PST
economy when we played that game of russian roulette back in august of 2011. you could see the economy decline. you could see job creation going away. i'm with newt gingrich on this one. newt gingrich had taken a strong position that we should not use, that the republicans should not use the debt ceiling as leverage in this cutting spending. let's use the continuing resolution. let's use the sequester, but don't use the debt ceiling. that's a bad idea. >> president said he won't negotiate on the debt ceiling. >> i think he's right on that. >> senator, thank you. good to see you. >> thank you. nice to see you all. >>> and we spoke to supreme court justice sonia sotomayor. she spoke with scott pelley about her new york city home and reputation as a tough corporate lawyer. >> you write in your book that one day one of the associates one of your colleagues was on the telephone, and he described you, your words, not mine as one tough -- >> his words. >> as one tough bitch. >> yeah. >> and when you heard that, you thought what? >> what in the world is wrong with me? i was a pretty tough nego
PBS
Jan 14, 2013 3:00pm PST
newshour has been provided by: moving our economy for 160 years. bnsf, the engine that connects us. >> and by the alfred p. sloan foundation. supporting science, technology, and improved economic performance and financial literacy in the 21st century. >> and with the ongoing support of these institutions and foundations. and... >> this program was made possible by the corporation for public broadcasting. and by contributions to your pbs station from viewers like you. thank you. >> brown: battle lines were drawn at either end of pennsylvania avenue today over the national debt and government spending. the opening shots came from president obama at his white house news conference. >> i thought it might make sense to take some questions this week as my first term comes to an end. >> brown: the questions were dominated by the looming debt ceiling fight. the president sternly warned republicans not to balk at raising the nation's borrowing limit. >> they will not collect a ransom in exchange for not crashing the american economy. the financial well being of the american people is not le
SFGTV2
Jan 14, 2013 7:00am PST
infrastructure and drinking water infrastructure, the economy will stop. we did a major outreach. we trained an outreach team, who went to every community meeting, to educate people on how bad the crisis was. not only did i tell people that we'd have to raise rates, i told them we'd have to tear up the city to repair this infrastructure. man: you can't simply say, "i won't use any water, it's too expensive." we have about 25% of our population that's at or below the poverty line, so you have to look at rate structures that are tiered so the people can pay their bills. franklin: we would love to have something like 75% federal money. we do get some federal aid and we are thankful, but on the other hand, we're paying for this primarily with new rates. we have increased our rates to among the highest in america. but not nearly as much as if we hadn't passed a one-cent sales tax dedicated to water and sewer infrastructure. hunter: that sales tax counts for about a third of the revenue of the department right now. franklin: we got 75% of the voters to agree to tax themselves so that their childre
FOX News
Jan 14, 2013 1:00pm PST
a rotten economy. also joining us is our panel. you are worried about this, why? >> you know, apple is a very innovative company and we have gone through transitions with steve jobs leaving obviously. that is a transition. my concern is do they have innovation that he actually possessed. it's 3.8% of the s&p 500 and 10% of the nasdaq and down to 001 now. does that show consumers are not going to buy or replacing due to discretionary income and their fear of the overall market. think there is some correlation there. >> neil: maybe it's not quite the old times but there may be something on the horizon maybe its world economy? >> i think there are a couple of things. i think there is a lot term vision issue that still exists in the wake of steve jobs' death. all these products is his brainchild. we haven't seen the company on its own two feet yet. these numbers we're getting is an indication that we're getting today is troubling. this is a world's largest technology company. it sells iphones and tablets and they will sell fewer of them. the reason -- people want different options. they
FOX Business
Jan 14, 2013 5:00pm EST
average, that is. so how quickly will it hit your wallet and the economy? plus, union intimidation hits new heights. a city manager tried to cut pension benefits so they bought the house next door to him to harass him. these tactics are more widespread than you think. the mayor will tell us how he was targeted in a fox business exclusive. coca-cola new ad campaign offers up information like what you can do to burn off the fat and calories from the coke you just drank. will it increase sales or turn off consumers? even if it is not, it is always about "money." ♪ first, a look at the market headlines with the market moment. a mixed bag for stocks to begin the week. the dow ended a choppy day of trading in positive territory gaining 18 points. apple weighed heavily on the nasdaq reportedly cutting the iphone 5 component orders due to weaker than expected demands. and shares of dell soared 13%. the pc maker in talks of a possible buyout. now to our top story ready to dig into your wallet. you may be hit with a 50% jump in your health care premiums thanks to obamacare. a recent report show
CNBC
Jan 14, 2013 2:00pm EST
the worldwide economy. >> now what the president also challenged republicans to do was it come up with their own plan if they don't like his. house speaker boehner answered back very quickly and said the house republicans are going to do what responsible. we will keep the government running. meet our obligations and cut spending. so the question now, if the president is going to succeed as what we called breaking the habit, somebody has to break him. we will find out in a few weeks. we know the debt ceiling and extraordinary measures that the treasury is taking right now could be exhausted in as little as one month from now. >> coming down to the wire again. john harwood, thank you we much. >>> let's bring in our own steve liesman. column nest at the american institute of dan greenhouse. both are cnbc contributors. steve, first to you here. all right, listen, you have the republicans saying essentially, we're not negotiating without spending cuts. president saying spending cuts are nonnegotiable off the table. how does this play out? >> i think they make a deal in the end. it is a real
CSPAN
Jan 14, 2013 10:00am EST
my house. the economy went south on us. now the banks are sending us these low interest rates. i go back to refinance the house or remorse reached the house at 6.75%. bank tells me i do not make enough income or income to debt ratio for the house. i do make enough to pay the 6.75%. if the given the lower rate, i would be saving $1,000 a month. what can be done about that? guest: there are many, many borrowers who are having trouble refinancing their home loans. i hear from a lot of them. it is a real problem. we had a pendulum that had swung out into the wild west or anybody that was breathing got a mortgage. now it has swung the other way. the banks are being ultra cautious and requiring owners disclosures and very conservative income levels. i think there is an element of your story that questions -- does the bank wanted about the 6.75% interest that you're paying on your mortgage. that is a rich interest level in this environment. you have to wonder if the bank isn't holding on to your loan to maintain that high level of interest. i wonder if the might be worth your while to try
CNBC
Jan 13, 2013 7:30pm EST
and the economy, or will washington actually be a help? joining me now, greg ip, u.s. economists editor of "the economist" and author of "the little book of economists" and jerry webman. gentlemen, good to see you. thank you so much for spending the time. >> hi, maria. >> president obama's pick for treasury secretary we learned officially this week. his chief of staff, jack lew, will take over for timothy geithner. is this a missed opportunity to be friendly to business, the business community, or is this a good call, since it appears nobody on earth knows the budget better than mr. lew? >> well, i think wall street and the business community would indeed have liked somebody who was perhaps of their own ranks. somebody like a jamie dymond or larry fink, who could build bridges between the business community, which feels a little bit alienated by the administration's first-term policies. and mr. obama. but what they got was a guy who, while not one of them -- at least does know the budget really well, and clearly the main challenge on the economic front for the -- first year is go
KOFY
Jan 14, 2013 11:30am PST
now on raising the debt ceiling or face an economy that could go haywire in a few months. the president held the last news conference of the first term focusing on the economy and calling on congress to allow more borrowing authority up against the debt ceiling. >> raising the debt ceiling does not authorize us to spend more. all it does is say that america will pay its bills. we are not a deadbeat nation. >> house republicans want spending cuts as part of a deal to lift the debt ceiling. without an agreement the country has until around march 1 before it may not be able to meet financial obligations. >> today is the one month anniversary of the deadly school shooting in newtown, connecticut. in washington, bay area members are among the group of democrats meeting with vice president biden about gun control. the vice president could turn over his proposals to president obama as early as tomorrow. >> a month ago today, the shooting massacre at sandy hook elementary school shocked the nation. and re-ignited a fierce battle over america's relationship with guns. tomorrow, vice pr
SFGTV2
Jan 13, 2013 9:30pm PST
functioning economy. i am looking for ways to fund more of that kind of housing, particularly for a central employees like teachers, nurses, first responders. we need to make sure that our development is a transit- oriented. we do not want to encourage suburban sprawl. we want to do infill housing so that people can live near where they work and near public transportation. >> let's talk about public transportation. is there adequate muni service in your district? what is the parking and traffic situation like? >> muni is not near where it needs to be. in the caster, we have the subway. -- in the castro, we have the subway. a can be terrific or frustrating. we are next to the bart line. in other parts of the district, is unreliable. the writeridership is lower bece of unreliability. other lines are not as frequent and people not think of using them. we have a particular problem in diamond heights. the neighborhood is served primarily by the 52 line. it is incredibly unreliable. the buses miss runs-------. for awhile, muni was ending service at 9:00 or 10:00 at night. it is up on a hi
SFGTV2
Jan 14, 2013 10:00am PST
would be no more amsterdam economy because no one would be able to move about. there would be one giant traffic jam all day. so the bike is the grease in the amsterdam economy. you have to build less highways, you have to build less parking garage. you put the bike -- use very little space. where you have to build parking garage, they're very expensive. there are recent surveys that companies pay up to 30,000 euros, that's $50,000 per year per person to have them traffic by car to work, where as a bike costs only 250 euros so there are large benefits at stake. also, there is lots of surveys that show that people who live in towns where there is more cycling, people like to live there better than in towns where there is less cycling. there are an overwhelming lot of advantages on cycling and i'm going to put some -- and then this is what oakland should do as few of them -- recommendations that are put together oakland also could be used for san francisco. one thing is, if you want to have these advantages, for instance, if you're scared about all the money that goes to building hig
ABC
Jan 14, 2013 7:00am PST
the middle class. right now, our economy is growing. and our businesses are creating new jobs. so, we are poised for a good year. if we make smart decisions and sound investments. and as long as washington politics don't get in the way of america's progress. as i said on the campaign, one component to growing our economy and broadening opportunities for the middle class is shrinking deficits in a balanced and responsible way. and for nearly two years now, i have been fighting for such a plan. one that would reduce our deficits by $4 trillion over the next decades. which would stabilize our debt and deficit in a sustainable way for the next decade. that would be enough not only to stop the growth of our debt relative to the size of our economy but it would make it manageable so that it does not crowd out the investments we need to make in people, education, job training, science, medical research. step by step, we made progress towards that goal. over the past two years, i have signed into law about $1.4 trillion in spending cuts. two weeks i signed into law more than $600 billion
FOX Business
Jan 14, 2013 1:00pm EST
-inflicted wound to the economy. is he exaggerating? what's the take on the remarks in reaction how the debt ceiling sorts itself out? >> i don't think he's exaggerating at all. we have these debates every year right now, and we have the better part of the last 20 years, but it seems like when it comes to the wire, we always find a way to raise the debt ceiling, get washington back to work again, and that is our expectation. the difficulty is that the uncertainty in washington is freezing the treasury mark and investors. >> okay. back to ben bernanke, commenting this afternoon, if he reassures wall street he plans to continue the bond buying for as long as it needs to happen to get unemployment back, to get the economy growing. do you think that will keep rates depressed or signals, yeah, you know, we don't need to continue with this as long as we had initially planned to. do you expect a sharp, a rise in rates in take it from there. curious to where you think rates are headed. >> lori, between now and the date of sequesteringen on march 1st, treasury yields in a tight range? >> wha
FOX
Jan 13, 2013 4:00pm PST
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FOX News
Jan 14, 2013 12:00pm PST
could damage the u.s. economy and beyond. it's estimated without the deal the government could run out of money to pail its bills as early as mid-february. the president said the idea of refusing to raise the debt ceiling is irresponsible and absurd. >> republicans in congress have two choices here. they can act responsibly and pay america's bills are act irresponsibly and put america through another economic crisis. but they will not collect a ransom for not crashing the american economy. >> shep: they say they won't support raising the debt limit and there a battle line. the debt ceiling is the maximum amount of money that the united states can borrow. the law requires congress to control and authorize any money needed to pay for federal programs. debt ceiling was introduced way back in world war one. it was meant to give the treasury department more spending at that time. wendall goler, the president seemed that he was willing to call the republicans' bluff on this thing. >> he won't collect ransom for not collecting it on the economy. the last time the country reached the debt
NBC
Jan 14, 2013 7:00am PST
opportunity and new security for the middle class. now, right now our economy is growing and our businesses are creating new jobs. so we are poised for a good year. if we make smart decisions and sound investments. and as long as washington politics don't get in the way of america's progress. as i said on the campaign, one component to growing our economy and broadening opportunity for the middle class is shrinking our deficits in a balanced and responsible way. and for nearly two years now, i've been fighting for such a plan, one that would reduce our deficits by $4 trillion over the next decade, which would stabilize our debt and our deficit in a sustainable way for the next decade. that would be enough not only to stop the growth of our debt relative to the size of our economy, but it would make it manageable so it doesn't crowd out the investments we need to make people and education and jobs and science research. step by step, we've made progress towards that goal. over the past two years i've signed into law about $1.4 trillion in spending cuts. two weeks ago i signed into
CNBC
Jan 14, 2013 9:00am EST
this year, we could start seeing some economies get traction again. of course, some of the very badly hit economies like greece, it will take longer. but europe i think should improve. >> the chairman and ceo of mercedes-benz joining us first on cnbc. the e-class rollout here earlier today. i'm not sure that i have ever seen an unveiling with as many people as were jammed in here to the mercedes stand today here in detroit. back to you. >> that is a big deal, phil. you've seen your share of unveilings, that's for sure. phil lebeau in treat today. one food company on the move, let's get to kayla tausche who is manning the market flash desk. >> watching flowers foods. that's a southern food company, flo. about $4 billion in market cap, that stock up more than 6% hitting an all-time high on its first trading day after signing an agreement to acquire the majority of the bread businesses from hostess brands. that includes wonder bread. of course we're still waiting for some of the other bidders for some of the other units to be announced. right now flowers is the bid to beat and if n
LINKTV
Jan 14, 2013 2:00pm PST
revolution, you feel like celebrating. the economy is contracting -- few feel like celebrating. the economy is contracting. the unemployment rate is higher than before ben ali's ousting. >> it is one of the largest religious gatherings in the world. millions of indians have bates together in the ganges to mark the start of the -- have bathed together in the ganges to mark the start of the maha kumbh mela religious festival. >> environmentalists have warned before that the ganges is heavily polluted. some 110 million people are expected to take part in the religious festival, which runs until mid-march. that is all for now. remember, you can find out more about these and other stories at our website, www.dw.de. >> thank you for watching. see you next time. captioned by the national captioning institute --www.ncicap.org--
SFGTV2
Jan 14, 2013 12:30pm PST
the direction of a modern sustainable green economy, what we call now distributed generations of people producing and consuming energy. this is happening at an incredible pace in california and i know california like this is and we want to connect with california. some of the events will require the supports of the leaders that are here present, the leaders of the italian american associations. i am very proud to say that all of the leaders of the italian american associations are gathered today, mr. mayor, and senator assembly man and board of supervisors is here to celebrate with us and ramona blackwell who with the committee of the italians abroad and elected body and we will need your support and it's not just top down but bottom up. we're are open to your ideas and suggestions. we want it to a great celebration and people are in charge and in power and they will also run the show. that's our objective. by the way also have guests from outside california and salt lake city -- i don't know where he is because i can't see anything with the lights. there he is. thank you mike fo
FOX News
Jan 14, 2013 10:00am PST
the rate of growth of spending, which is again suffocating to the private economy and unsustainable over the course of the next several years. >> megyn: one thing we did hear the president reference personally, we heard it from nancy pelosi prior, but the president personally talking about now closing more loopholes and that means higher taxes. we don't know on who, but he would not specify any specific spending reductions and refusing to negotiate with the house republicans on the issue of the debt ceiling. lou, an interesting couple of months. looking forward to it. >> megyn: all right. thank you, sir. >> thanks, megyn. >> megyn: with the president refuse to go negotiate on that debt ceiling, it's coming and we're going to hit it and there's going to be a real question what we will do. he negotiated the last time and suddenly says he doesn't want to negotiate anymore and the republicans have drawn a line in the sand when it comes to these spending cuts, saying, if we don't see a dollar for dollar spending cut in the amount you want to raise the debt ceiling, there's no deal. what
ABC
Jan 14, 2013 11:00am PST
obama is warning congress to act now on raising the debt ceiling or face an economy that could go haywire in a few months. the president held the last news conference of the first term focusing on the economy and calling on congress to allow more borrowing authority up against the debt ceiling. >> raising the debt ceiling does not authorize us to spend more. all it does is say that america will pay its bills. we are not a deadbeat nation. >> house republicans want spending cuts as part of a deal to lift the debt ceiling. without an agreement the country has until around march 1 before it may not be able to meet financial obligations. >> today is the one month anniversary of the deadly school shooting in newtown, connecticut. in washington, bay area members are among the group of democrats meeting with vice president biden about gun control. the vice president could turn over his proposals to president obama as early as tomorrow. >> a month ago today, the shooting massacre at sandy hook elementary school shocked the nation. and re-ignited a fierce battle over america's relationship
SFGTV
Jan 14, 2013 11:30am PST
through the economy and making the german economy the strongest in europe and it's the -- it basically is a policy that pays the homeowners so it makes investing in solar attractive to homeowners. right now it's not attractive to put a hundred solar panels on your roof, but under this policy germany has made tremendous advances. there is one country in the world that is 100% solar power as of last month. cca cannot possibly do what they need done. the word -- you can boil this whole argument down to one question, one word and that is "inevitability". we are running out of the oil. we are drowning in our own waste. we need to stop burning oil and the way you could do it is putting a couple hundred solar panels on each house in san francisco. this was indirectly mentioned in the guardian editorial but they don't say it and it's because they don't understand it. it's important to understand what being done in germany and other countries around the world because by doing this they're creating a massive cash flow to homeowners in these countries and it's an investment that the homeowners ar
SFGTV
Jan 13, 2013 10:30pm PST
the board on where we are with that; because as you know the economy is improving. so we need to be prudent and look ahead. and i'll be looking at potentially increase of the contingencies and reserves. >> okay. because i noticed also in the report that we received last night, the monthly program report. that our expenditures to-date are less than anticipated, but we have drawn-down the reserves greater and we're under that draw -down curve. do we know what is behind that combination of factors? >> is that something that you can respond to? >> i don't have that report in front of me, but jim helps prepare it. so he will be able to speak to it in more detail. >> directors i'm with the program management team and take care of the budget and scheduling stuff. the first curve you are talking about is the total expenditure curve and when we established that budget back in 2010, we had more aggressive schedule for let something of those packages than we have today. we're still holding the same end-date. so the expenditure has laged that original curve line. that is the explanation for tha
KCSMMHZ
Jan 14, 2013 2:30pm PST
after the jasmine revolution, you feel like celebrating. the economy is contracting -- few feel like celebrating. the economy is contracting. the unemployment rate is higher than before ben ali's ousting. >> it is one of the largest religious gatherings in the world. millions of indians have bates together in the ganges to mark the start of the -- have bathed together in the ganges to mark the start of the maha kumbh mela religious festival. >> environmentalists have warned before that the ganges is heavily polluted. some 110 million people are expected to take part in the religious festival, which runs until mid-march. that is all for now. remember, you can find out more about these and other stories at our website, www.dw.de. >> thank you for watching. see you next time. captioned by the national captioning institute --www.ncicap.org--
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